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Torch Wealth Management and SIPP Claims

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ECONOMIC FINANCIAL SOLUTIONS IFA LIMITED

Wales based financial advisers Economic Financial Solutions IFA Limited, better known to many of their clients as Torch Wealth Management, are known to have dealt with people’s pensions in the past.

They’re also known to have gotten their pension advice wrong on a few occasions, being told by the Financial Ombudsman Service (FOS) to pay clients compensation on at least 2 occasions.

In October 2018, the Financial Conduct Authority, which makes the rules for financial advisers to follow and authorises businesses to give advice, added notes to Torch Wealth Management’s register entry to say that the firm must “cease carrying on any business that involves any regulated activities relating to new investment or pension business arising from unregulated introducers, or in any way connected to the activities of unregulated introducers.”

This means that Torch must not take on new pension or investment clients from unregulated marketing companies.

FOS decision DRN2321087 told the story of how a ‘Mr C’ received advice from Torch Wealth Management to transfer his personal pension to a SIPP in 2015. The advice was found to be unsuitable because the investments chosen (through a DFM) were too high risk, and this resulted in a loss of several thousand pounds.

Timeline of events: Torch Wealth Management

Feb 2010: Formation

Economic Financial Solutions IFA Limited was formed in Feb 2010.

2013: Trading name

The company registers the name ‘Torch Wealth Management’ with the FCA

2015: Mr C receives usuitable advice

As details above, in 2015, Mr C received advice to transfer his pension into a SIPP, advice that would later be determined to have been unsuitable.

2018: FCA restrictions

In October 2018, the FCA amended the firm’s entry on it’s register to say that it must stop taking on investment and pension business from unregulated introducers.

2019: FOS complaint

In March 2019 it was revealed that the FOS had upheld Mr M’s complaint against Torch for SIPP pension advice, setting the stage for Torch to pay compensation.

Did you know, we’ve made successful claims for mis-sold SIPPs before?

We’re specialists at mis-sold pension claims, many of which involved high-risk investments through SIPP pensions.

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